On this International Tiger Day, learn about how you can sustain nature, endangered wildlife, forest, and the overall natural ecosystem.
NFTrees is a project by Coorest that is promoting tree planting exercises through NFTs supported by Polygon Studios. For every NFT you mint, Coorest will plant a tree and reward you with $CCO2 tokens.
NFTs or non-fungible tokens are emerging technologies that offer digital ownership to buyers. These irreplaceable digital assets give the creator the right to own his work and establish his career in a decentralized space.
Since last year, NFTs have become a million-dollar industry with different projects dropping almost every month. Despite the crypto winter and declining prices of NFTs, many companies are working day and night for the development of the industry.
However, NFTs are still widely not accepted due to various reasons. Although the NFTs have entered the mainstream, people still hold extreme views about the new technological advancements.
One of the biggest obstacles to the massive NFT adoption around the world is the environmental effect it causes. People believe that NFTs emit huge amounts of carbon which is directly causing global warming and climate change. There have been active movements surrounding the ban of NFTs in various countries due to this very reason.
How do NFTs cause harm to the environment?
NFT itself doesn’t have an impact on the environment but the process of creating an NFT is harmful. In other words, NFTs are harmful to the climate during the minting process.
NFTs require high intensive energy due to the proof-of-work consensus mechanism. The PoW utilizes huge amounts of electricity just to create one NFT, and the more electricity one uses, the more carbon emissions emitted in the air.
However, this may not be the case for every NFT. The environmental impact of an NFT is determined by where they are minted. Many blockchains offer carbon-neutral NFT marketplaces, so whenever an NFT is stored or minted on these platforms they don’t cause harm to the natural ecosystem at all.
Proof-of-stake model for environment
In the recent news, you might have heard of the proof-of-stake (PoS) mechanism related to the Ethereum The Merge or EH 2.0. PoS consensus mechanism is an environment-friendly model that reduces carbon emissions and doesn’t require high intensive energy to mint NFTs.
Currently, Flow blockchain is widely known for utilizing this model that saves the environment from harmful carbon gasses.
But what if there was another way to save the environment using the NFTs and blockchain technology?
Coorest introduces NFTrees
Coorest is a decentralized ecosystem solely built to promote environmental awareness and environmental-friendly projects within the blockchain realm.
NFTrees is a new NFT project that links tokens to real-world trees. In other words, for every NFT minted, a tree is planted in the forest. Then, the owner receives Coorest’s native token, $CCO2 based on how much the NFT’s tree has sequestered CO2.
These tokens hold value as they can be sold in the market or used as carbon compensation. The tokens will also be used to fund farmers and landowners to further develop abandoned agricultural land bought by Coorest for the sake of environmental stability.
In other words, whatever Coorest earns from NFTrees will be used for the greater good of the environment and farmers.
NFTree reward distribution:
The first batch was Fruit-bearing NFTree of figs planted in Caspe, Spain, which is already sold out. Each NFTree has a two-decade lifetime and was sold for 69 USDC which will remove 25KG of CO2 from the air, each year. The owners will receive 10 USDC per year for the NFTree.
The second batch will be Forest NFTrees with mixed trees planted in North Europe in Q3 2022. Each NFTree has a two-decade lifetime and will be sold for around 75 USDC which will remove 250KG of CO2 from the air, each year.
The third batch will be Fruit-bearing NFTree of pomegranate planted in Caspe, Spain in Q3 2022. Each NFTree has a 20 years lifetime and will be sold for around 69 USDC which will remove 25KG of CO2 from the air, each year. The owners will receive 12 USDC per year for the NFTree.
Another batch is the Partner batch in collaboration with 315 Guild. This batch is called 315 Guild NFTrees to be planted in “315 Forest” in Mohawk, NY, U.S. of mixed trees. For each Guild NFTree, five trees will be planted for 100 USDC.
Every 315 Guild NFTree will last 20 years and absorb 125KG of CO2 from the air, each year. For every NFT, the owner will receive around 125 $CCO2 every year.
Coorest partners with Polygon Studios
To promote environment-friendly NFTs to the world, Coorest has partnered with Polygon Studios to help them change the narrative.
“Minting our NFTs on Polygon ensures that each NFTree, wildlife token, $CRST, and $CCO2 token is unique, traceable, and secure. It is this high level of transparency that gives our project integrity and longevity. It’s what allows us to bring something unique both to the crypto and the carbon market,” The Medium article states.
Seeing the deteriorating situation of the environment due to forest fires, gas emissions, and extremely hot conditions, Coorest wants to put its utmost priority to promote NFTree more than ever.
Polygon Studios will support Coorest on its mission to plant trees via NFTs as a part of its Green Manifesto initiative this year.
Polygon previously announced it achieved network Carbon Neutrality. It managed to pay off its carbon debt since its inception and is now on a mission to become an environment-friendly platform starting this year. Polygon’s core team has also donated around $20 million to various projects to help face climate change.
The NFTree project by Coorest proves that technology can be used for something positive and meaningful. With the slogan of “bridging the gap between the natural and digital world,” this project is bound to be successful.
Other than NFTrees, Coorest has also introduced Wildlife Tokens, linked to wildlife animals in African reserves, and NovaTerra, a play-to-earn metaverse project where users can earn $COO2 by playing the game.
All in all, Coorest is doing something other NFT projects have done before while also promoting a positive narrative regarding NFTs with the environment.
For more information on Coorest visit the official website: coorest.io.